Common use of Purchase and Redemption Procedures Clause in Contracts

Purchase and Redemption Procedures. (a) Each Fund hereby appoints the Company as an agent of such Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) by the Company as such limited agent of such Fund prior to the time that such Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such Fund on that same Business Day, provided that such Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such Fund by 4:00 p.m. Eastern Time on the Business Day such Fund is notified of the purchase request for Designated Portfolio shares. If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such Fund for any charges, costs, fees, interest or other expenses incurred by such Fund in connection with any advances to, or borrowing or overdrafts by, such Fund, or any similar expenses incurred by such Fund, as a result of portfolio transactions effected by such Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares except that each Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 8 contracts

Samples: Participation Agreement (PIMCO Equity Series VIT), Participation Agreement (Pimco Variable Insurance Trust), Participation Agreement (Pimco Variable Insurance Trust)

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Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act prospectus (which as of the date of execution of this Agreement is the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time)) shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from the redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). In no event may orders received by the Company after the Fund’s close of business on any Business Day be aggregated with orders received prior to the Fund’s close of business on such day. If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 4 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 5 contracts

Samples: Participation Agreement (Variable Annuity Account A), Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)

Purchase and Redemption Procedures. (a) Each Fund hereby appoints the Company as an agent of such Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) by the Company as such limited agent of such Fund prior to the time that such Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such Fund on that same Business Day, provided that such Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such Fund by 4:00 p.m. Eastern Time on the Business Day such Fund is notified of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such Fund for any charges, costs, fees, interest or other expenses incurred by such Fund in connection with any advances to, or borrowing or overdrafts by, such Fund, or any similar expenses incurred by such Fund, as a result of portfolio transactions effected by such Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 5 contracts

Samples: Participation Agreement (PIMCO Equity Series VIT), Participation Agreement (Pimco Variable Insurance Trust), Participation Agreement (PIMCO Equity Series VIT)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such the Fund on that same Business DayDay (the "Trade Date"), provided that the Company uses its best efforts to provide notice of such request to the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time Time, and in any event, provides such notice by 9:30 a.m. Eastern Time, on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies Business Day following the applicable Fund of a purchase request for such sharesTrade Date. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or its designated custodian by wire to be received by such the Fund or its designated custodian by 4:00 p.m. Eastern Time on the Business Day such Fund is notified following the Trade Date (which may be net of the purchase request for Designated Portfolio redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds by the Fund or its custodian so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information ("SAI"). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectusthe Fund Prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s 's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 4 contracts

Samples: Participation Agreement (Riversource Variable Account 10), Participation Agreement (Riversource of New York Variable Annuity Account), Participation Agreement (Ids Life of New York Variable Annuity Account)

Purchase and Redemption Procedures. (a) Each Fund hereby appoints the Company as an agent of such Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) by the Company as such limited agent of such Fund prior to the time that such Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such Fund on that same Business Day, provided that such Fund or its designated agent receives notice of such request in good order by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies informs the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such Fund by 4:00 p.m. Eastern Time on the Business Day such Fund is notified informed of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such Fund for any charges, costs, fees, interest or other expenses incurred by such Fund in connection with any advances to, or borrowing or overdrafts by, such Fund, or any similar expenses incurred by such Fund, as a result of portfolio transactions effected by such Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of receives the redemption order of such shares (which order shall be net of any purchase orders) except that each Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days days’ notice of its intention to do so.

Appears in 3 contracts

Samples: Participation Agreement (Mutual of America Separate Account No 2), Participation Agreement (Mutual of America Separate Account No 2), Participation Agreement (Mutual of America Separate Account No 3)

Purchase and Redemption Procedures. (a) Each Fund hereby appoints BDI shall accept cash movement reports from the Company as an agent of such Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) by the Company as such limited agent of such Fund prior to the time that such Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such Fund on that same each Business Day, provided that such orders are received prior to 9:00 a.m. New York time on such Business Day. BDI shall accept transfer authorization reports from the Fund by 2:00 p.m. New York time on each Business Day. Such transfer authorization reports shall reflect purchase and redemption orders received from the Fund's shareholders in good order prior to the time the net asset value of the Portfolio is priced (the Portfolio's "valuation time") on the prior Business Day. Any such purchase or its designated redemption order received after the Portfolio's valuation time on a Business Day shall be deemed received prior to 9:00 a.m. New York time on the next succeeding Business Day. Purchase and redemption orders shall be provided to BDI as agent for the Portfolio in such written or electronic form (including facsimile) as may be mutually acceptable to BDI and the Manager. In the event that the Manager elects to use a form of written or electronic communication which is not capable of recording the time, date and recipient of any communication and confirming good transmission, the Manager shall be responsible for confirming that any communication sent by the Manager to BDI was properly received. BDI may reject purchase and redemption orders that are not in proper form. BDI shall be entitled to assume the authenticity of communications received from, and shall be fully protected from all liability in acting upon the instructions of, the persons named as authorized individuals of the Manager in the attached Schedule A. Payment by the Fund for a purchase order that is transmitted to and accepted by BDI shall be made by 12:00 noon New York time on the same Business Day that BDI receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such sharesorder. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such Fund by 4:00 p.m. Eastern Time on the Business Day such Fund is notified of the purchase request for Designated Portfolio shares. If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such Fund for any charges, costs, fees, interest or other expenses incurred by such Fund in connection with any advances to, or borrowing or overdrafts by, such Fund, or any similar expenses incurred by such Fund, as a result of portfolio transactions effected by such Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company Payments shall be made in federal funds transmitted by wire wire. In the event that the Fund shall fail to pay in a timely manner for any purchase order validly received by BDI, the Company or Manager shall hold the Portfolio harmless from any other designated person on losses reasonably sustained as the next Business Day after the applicable Fund is properly notified result of the redemption Portfolio acting in reliance on such purchase order of such shares except that each Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectusBDI. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 3 contracts

Samples: Master Feeder Participation Agreement (Usaa Mutual Funds Trust), Master Feeder Participation Agreement (Usaa Mutual Funds Trust), Master Feeder Participation Agreement (Usaa Mutual Funds Trust)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account Accounts (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account Accounts or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the AccountAccounts. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Portfolio calculates its net asset value pursuant to the rules of the SEC Securities and Exchange Commission (“SEC”) as stated in the Fund’s then-current prospectus (each, a “Business Day”) ), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) prospectus shall constitute receipt and acceptance by such Fund the Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. The Company agrees to promptly date-stamp instructions received from or on behalf of Contract owners for purposes of determining the price at which the orders will be effected in accordance with industry standard transaction procedures implemented by the Company. The Company shall maintain records sufficient to identify the date and time of receipt of all Contract owner transactions involving a Portfolio (including all reinvestments of dividends and capital gains distributions paid by a Portfolio). Under no circumstances will the Company change, alter or manipulate any trade instruction received by it in good order. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Accounts, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account Accounts or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3:00 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Neither the Advisor nor the Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the CompanyCompany to the Accounts; the Company alone shall be responsible for such action. (d) . Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, If the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent prevents Contract owners from allocating payments to a Designated Portfolio that was is otherwise available under the Contracts without first giving Contracts, the applicable Company will notify the Fund 45 days notice of its intention to do sosuch action.

Appears in 2 contracts

Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)

Purchase and Redemption Procedures. (a) Each Fund The Distributor hereby appoints the Company as an agent of such Fund the Distributor for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a “Business Day”) "SEC"), by the Company as such limited agent of such Fund the Distributor prior to the time that such the Fund ordinarily calculates its net asset value value, currently 4:00 p.m. Eastern Time, as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) 's prospectus shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio shares. shares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act), If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act ACT and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory 's prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (Variflex), Participation Agreement (Variflex)

Purchase and Redemption Procedures. (a) Each Fund The Distributor hereby appoints the Company as an agent of such Fund the Distributor for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of such Fund the Distributor prior to the time that such the Fund ordinarily calculates its net asset value value, currently 4:00 p.m. Eastern Time, as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) prospectus shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (Variable Annuity Account A)

Purchase and Redemption Procedures. (a) Each The Underwriter, being duly authorized by the Fund to do so, hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a “Business Day”) "SEC"), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) 's prospectus shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's or Underwriter's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such actionprospectus. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory 's prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or for relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s 's statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such the Fund on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. , Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such the Fund by 4:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information ("SAI"). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s 's statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s 's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, . or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so. (f) Notwithstanding anything herein to the contrary, the Company, Fund and/or Underwriter shall comply with the processing specifications set forth in Schedule C attached hereto and made a part hereof in respect of transactions processed through the facilities of the National Securities Clearing Corporation ("NSCC").

Appears in 2 contracts

Samples: Participation Agreement (Talcott Resolution Life Insurance Co Separate Account Seven), Participation Agreement (Talcott Resolution Life & Annuity Insurance Co Separate Account Seven)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act prospectus (which as of the date of execution of this Agreement is the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time)) shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from the redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). In no event may orders received by the Company after the Fund’s close of business on any Business Day be aggregated with orders received prior to the Fund’s close of business on such day. If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 4 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such actionprospectus. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a “Business Day”"SEC") by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act 's prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day. To facilitate the Designated Portfolios' daily trading practices, provided that the Company (i) shall provide the Fund with daily net aggregate trade and other information relating to the Designated Portfolios at times and in the manner specified by the Fund prior to the close of business on each Business Day, with respect to which the Company shall hold the Fund and the Adviser harmless from any liability resulting from reliance on such daily net aggregate trade information, and (ii) shall provide the Fund or its designated agent receives notice of such request by 9:00 a.m. a.m Eastern Time time on the next following Business Day with a final report of the previous Business Day's transaction information related to the Designated Portfolios. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies Business Day following the applicable Fund Company's receipt and acceptance, in its capacity as limited agent of the Fund, of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 2:00 p.m. Eastern Time on the Business Day such Fund is notified following Company's receipt and acceptance, in its capacity as limited agent of the Fund, of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolio in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; , the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory 's prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (Ameritas Life Insurance Corp Separate Account Llva), Participation Agreement (Allstate Financial Advisors Separate Account I)

Purchase and Redemption Procedures. (a) Each OFDI, as the general distributor of each Fund hereby appoints the Company as an agent of such Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund Funds made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable a Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) prospectus shall constitute receipt and acceptance by such Fund OFDI on that same Business Day, provided that such Fund or its designated agent OFDI, receives notice of such request by 9:00 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio Fund on the same day Business Day that it notifies the applicable Fund OFDI, of a purchase request for such shares. Payment for Designated Portfolio Fund shares shall be made in federal funds transmitted to the applicable Fund OFDI or other designated person by wire to be received by such Fund by 4:00 p.m. Eastern Time on the Business Day such Fund OFDI is notified of the purchase request for Designated Portfolio shares. If federal funds are not received on timeFund shares unless OFDI, such funds will be invested, otherwise determines and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and so advises the Company shall promptlyto delay the date of payment, upon to the applicable Fund’s request, reimburse such extent the Fund for any charges, costs, fees, interest or other expenses incurred by such Fund in connection with any advances to, or borrowing or overdrafts by, such Fund, or any similar expenses incurred by such Fund, as a result of portfolio transactions effected by such Fund based upon such purchase requestmay do so under the 1940 Act). Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio Fund shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person by 4:00 p.m. Eastern Time on the next same Business Day after OFDI or the applicable Fund Funds’ transfer agent is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Funds in accordance with Section 1.3(b) of this Agreement), except that each Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then that Fund’s then-current statutory prospectus and/or or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such actioninformation. (d) Any purchase or redemption request for Designated Portfolio Fund shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable FundOFDI’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such Fund OFDI in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (SBL Variable Annuity Account Xiv), Participation Agreement (SBL Variable Annuity Account Xiv)

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Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act Fund Prospectus (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such the Fund on that same Business Day, provided that such the Fund or its designated agent receives notice of such request on a best efforts basis by 9:00 a.m. Eastern Time on the next following Business Day but in no cases later than 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such the Fund by 4:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectusthe Fund Prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 2 contracts

Samples: Participation Agreement (Variable Annuity Account a of Protective Life), Participation Agreement (Protective Variable Annuity Separate Account)

Purchase and Redemption Procedures. 40897012_8 (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s 's statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such the Fund on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall hall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such the Fund by 4:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules, regulations or orders thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). SXX The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt 's rceipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s 's statutory prospectus.. 40897012_8 (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s 's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so. (f) Notwithstanding the foregoing, purchase or redemption requests for Designated Portfolio shares transmitted via the National Securities Clearing Corporation's ("NSCC") Fund/Serv System ("Fund/Serv") may be processed at different times in accordance with NSCC rules, procedures or other requirements relating to Fund/Serv and the NSCC's Networking System, as applicable.

Appears in 1 contract

Samples: Participation Agreement (Allianz Life of Ny Variable Account C)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act prospectus (which as of the date of execution of this Agreement is the close of regular trading on the New York Stock Exchange (normally 4:00 p.m. Eastern Time)) shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from the redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). In no event may orders received by the Company after the Fund’s close of business on any Business Day be aggregated with orders received prior to the Fund’s close of business on such day. If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 4 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 1 contract

Samples: Participation Agreement (Variable Annuity Account A)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s 's statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such the Fund on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such the Fund by 4:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information ("SAI"). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s 's statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s 's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c26(e) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so. (f) Notwithstanding anything herein to the contrary, the Company, Fund and/or Underwriter shall comply with the processing specifications set forth in SCHEDULE C attached hereto and made a part hereof in respect of transactions processed through the facilities of the National Securities Clearing Corporation ("NSCC").

Appears in 1 contract

Samples: Participation Agreement (Hartford Life & Annuity Insurance Co Separate Account Seven)

Purchase and Redemption Procedures. (a) Each Fund The Distributor hereby appoints the Company as an agent of such Fund the Distributor for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a “Business Day”) "SEC"), by the Company as such limited agent of such Fund the Distributor prior to the time that such the Fund ordinarily calculates its net asset value value, currently 4:00 p.m. Eastern Time, as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) 's prospectus shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 9.30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds finds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any 01.any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wiredwised, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory 's prospectus. 1.4. The Fund shall use its best efforts to make the net asset value per share for each Designated Portfolio available to the Company by 6:30 p.m. Eastern Time each Business Day, and in any event, as soon as reasonably practicable after the net asset value per share for such Designated Portfolio is calculated, and shall calculate such net asset value in accordance with the Fund's prospectus. If the Fund provides the Company with materially incorrect share net asset value information, the Company on behalf of the Account, shall be entitled to an adjustment to the number of shares purchased or redeemed to reflect the correct share net asset value. Any material error in the calculation of the net asset value per share, dividend or capital gain information shall be reported promptly to the Company upon discovery In the event that any such material error is the result of the gross negligence of the Fund, or its designated agent for calculating the net asset value, any administrative or other costs or losses incurred for correcting underlying Contract owner accounts shall be at the Adviser's expense. 1.5. The Fund shall use its best efforts to furnish notice (eby wire or telephone followed by written confirmation) to the Company of any income dividends or capital gain distributions payable on any Designated Portfolio shares by the record date, but in no event later than 6:30 p.m. Eastern Time on the ex-dividend date. The Company, on its behalf and on behalf of the Account, hereby elects to receive all such dividends and distributions as are payable on any Designated Portfolio shares in the form of additional shares of that Designated Portfolio. The Company reserves the right, on its behalf and on behalf of the Account, to revoke this election and to receive all such dividends and capital gain distributions in cash. The Fund shall notify the Company promptly of the number of Designated Portfolio shares so issued as payment of such dividends and distributions. 1.6. Issuance and transfer of Fund shares shall be by book entry only. Share certificates will not be issued to the Company or the Account. Purchase and redemption orders for Fund shares shall be recorded in an appropriate ledger for the Account or the appropriate subaccount of the Account. (a) The parties hereto acknowledge that the arrangement contemplated by this Agreement is not exclusive; the Fund's shares may be sold to other insurance companies and the cash value of the Contracts may be invested in other investment companies. (b) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactionsnot, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days without prior written notice to the Adviser (unless otherwise required by applicable Fund and law), take any action to operate the Underwriter, Account as permitted by an order of the SEC pursuant to Section 26(c) of a management investment company under the 1940 Act. (c) The Company shall not, but only if a substitution of other securities without prior notice to the Adviser (unless otherwise required by applicable law), induce Contract owners to change or modify the Fund or change the Fund's investment adviser. (d) The Company shall not, without prior notice to the Fund, induce Contract owners to vote on any matter submitted for consideration by the shares shareholders of the Designated Portfolios is consistent with Fund m a manner other than as recommended by the terms Board. 1.8. The parties may agree, in lieu of the Contractsprocedures set forth above in this Article 1, or (iv) as permitted under to place and settle trades for Fund shares through a clearing corporation. In the terms event that such a clearing corporation is used, the parties agree to abide by the rules of the Contractsclearing corporation. 1.9. Upon requestThe Company agrees to maintain records sufficient to identify the date and time of receipt of all transactions and shall make such records available upon request for examination by Distributor (and at Distributor's expense) or its designated representative, at the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms request of the Contractstransfer agent or by appropriate governmental authorities Under no circumstances shall Company change, the alter or manipulate any transactions received by you in good order. 1.10. Company shall not represents that there are controls in place designed to prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do somarket timing.

Appears in 1 contract

Samples: Participation Agreement (Variable Annuity Account B)

Purchase and Redemption Procedures. (a) Each Fund The Distributor hereby appoints the Company as an agent of such Fund the Distributor for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefortherefore) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value (a "Business Day") pursuant to the rules of the SEC Securities and Exchange Commission (a Business DaySEC) ), by the Company as such limited agent of such Fund the Distributor prior to the time that such the Fund ordinarily calculates its net asset value value, currently 4:00 p.m. Eastern Time, as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) prospectus shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”)prospectus. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 1 contract

Samples: Participation Agreement (Variable Annuity Account B)

Purchase and Redemption Procedures. (a) Each Fund hereby appoints the Company as an agent of such Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) by the Company as such limited agent of such Fund prior to the time that such Fund ordinarily calculates its net asset value as described from time to time in such Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such Fund on that same Business Day, provided that such Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such Fund by 4:00 2:00 p.m. Eastern Time on the Business Day such Fund is notified of the purchase request for Designated Portfolio shares. If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s request, reimburse such Fund for any charges, costs, fees, interest or other expenses incurred by such Fund in connection with any advances to, or borrowing or overdrafts by, such Fund, or any similar expenses incurred by such Fund, as a result of portfolio transactions effected by such Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person by 2 p.m. Eastern Time on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares except that each Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”), Upon receipt by the Company of the payment, such funds shall cease to be the responsibility of the Fund and shall become the responsibility of the Company. The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 1 contract

Samples: Participation Agreement (Thrivent Variable Annuity Account I)

Purchase and Redemption Procedures. (a) Each The Underwriter, being duly authorized by the Fund to do so, hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving and accepting purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund a Designated Portfolio calculates its net asset value pursuant to the rules of the SEC (a “Business Day”) pursuant to the rules of the Securities and Exchange Commission (“SEC”), by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) prospectus shall constitute receipt and acceptance by such Fund the Designated Portfolio on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 9:30 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day Business Day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund or other designated person by wire to be received by such Fund by 4:00 3:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio sharesshares (unless the Fund determines and so advises the Company that sufficient proceeds are available from redemption of shares of other Designated Portfolios effected pursuant to redemption requests tendered by the Company on behalf of the Account, or unless the Fund otherwise determines and so advises the Company to delay the date of payment, to the extent the Fund may do so under the 1940 Act). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s or Underwriter’s request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made by the Fund in federal funds transmitted by wire to the Company or any other designated person by 3 p.m. Eastern Time on the next same Business Day after the applicable Fund is properly notified of the redemption order of such shares (unless redemption proceeds are to be applied to the purchase of shares of other Designated Portfolios in accordance with Section 1.3(b) of this Agreement), except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then then-current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such actionprospectus. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s general account shall be effected at the net asset value per share next determined after the applicable Fund’s receipt and acceptance of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a “Legally Required Redemption”), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 1 contract

Samples: Participation Agreement (SBL Variable Annuity Account Xiv)

Purchase and Redemption Procedures. (a) Each The Fund hereby appoints the Company as an agent of such the Fund for the limited purpose of receiving purchase and redemption requests on behalf of the Account (but not with respect to any Fund shares that may be held in the general account of the Company) for shares of those Designated Portfolios of such Fund made available hereunder, based on allocations of amounts to the Account or subaccounts thereof under the Contracts and other transactions relating to the Contracts or the Account. Receipt and acceptance of any such request (or relevant transactional information therefor) on any day the New York Stock Exchange is open for trading and on which the applicable Fund calculates its net asset value pursuant to the rules of the SEC (a "Business Day") by the Company as such limited agent of such the Fund prior to the time that such the Fund ordinarily calculates its net asset value as described from time to time in such the Fund’s 's statutory prospectus, as such term is defined in Rule 498 under the 1933 Act (which as of the date of execution of this Agreement is 4:00 p.m. Eastern Time) shall constitute receipt and acceptance by such the Fund on that same Business Day, provided that such the Fund or its designated agent receives notice of such request by 9:00 a.m. Eastern Time on the next following Business Day. (b) The Company shall pay for shares of each Designated Portfolio on the same day that it notifies the applicable Fund of a purchase request for such shares. Payment for Designated Portfolio shares shall be made in federal funds transmitted to the applicable Fund by wire to be received by such the Fund by 4:00 p.m. Eastern Time on the Business Day such the Fund is notified of the purchase request for Designated Portfolio shares (which request may be net of redemptions of shares). If federal funds are not received on time, such funds will be invested, and Designated Portfolio shares purchased thereby will be issued, as soon as practicable and the Company shall promptly, upon the applicable Fund’s 's request, reimburse such the Fund for any charges, costs, fees, interest or other expenses incurred by such the Fund in connection with any advances to, or borrowing or overdrafts by, such the Fund, or any similar expenses incurred by such the Fund, as a result of portfolio transactions effected by such the Fund based upon such purchase request. Upon receipt of federal funds so wired, such funds shall cease to be the responsibility of the Company and shall become the responsibility of the applicable Fund. (c) Payment for Designated Portfolio shares redeemed by the Account or the Company shall be made in federal funds transmitted by wire to the Company or any other designated person on the next Business Day after the applicable Fund is properly notified of the redemption order of such shares (which order shall be net of any purchase orders) except that each the Fund reserves the right to redeem Designated Portfolio shares in assets other than cash and to delay payment of redemption proceeds to the extent permitted under Section 22(e) of the 1940 Act and any Rules thereunder, and in accordance with the procedures and policies of such the Fund as described in the then current statutory prospectus and/or statement of additional information (“SAI”). The applicable Fund shall not bear any responsibility whatsoever for the proper disbursement or crediting of redemption proceeds by the Company; the Company alone shall be responsible for such action. (d) Any purchase or redemption request for Designated Portfolio shares held or to be held in the Company’s 's general account shall be effected at the net asset value per share next determined after the applicable Fund’s 's receipt of such request, provided that, in the case of a purchase request, payment for Fund shares so requested is received by such the Fund in federal funds prior to close of business for determination of such value, as defined from time to time in such the Fund’s 's statutory prospectus. (e) The Company shall not redeem Fund shares attributable to the Contracts (as opposed to Fund shares attributable to the Company’s 's assets held in the Account) except (i) as necessary to implement Contract owner initiated or approved transactions, (ii) as required by state and/or federal laws or regulations or judicial or other legal precedent of general application (hereinafter referred to as a "Legally Required Redemption"), (iii) upon 45 days prior written notice to the applicable Fund and the Underwriter, as permitted by an order of the SEC pursuant to Section 26(c) of the 1940 Act, but only if a substitution of other securities for the shares of the Designated Portfolios is consistent with the terms of the Contracts, or (iv) as permitted under the terms of the Contracts. Upon request, the Company will promptly furnish to the applicable Fund reasonable assurance that any redemption pursuant to clause (ii) above is a Legally Required Redemption. Furthermore, except in cases where permitted under the terms of the Contracts, the Company shall not prevent Contract owners from allocating payments to a Designated Portfolio that was otherwise available under the Contracts without first giving the applicable Fund 45 days notice of its intention to do so.

Appears in 1 contract

Samples: Participation Agreement (Variable Annuity Account)

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